BNP Paribas and Citi have become the first institutional investors in digital transformation platform Universal Fintech, following a strategic investment round led by Citi.
The firm states that it is also in advanced talks with further strategic investors.
Two rotating board seats will be allocated to the investing companies, allowing them to contribute to the platform’s strategic direction.
United Fintech aims to encourage collaboration in the financial ecosystem, and will hold quarterly roundtables on the industry’s shared challenges and innovation in the digital space.
Ayesa Latif, global head of foreign exchange products at Citi, comments: “Procuring specialist fintech firms is increasingly challenging for large institutions.
“United Fintech's neutral digital transformation platform fills gaps in the market, complements our overall offering, and drives market innovation through collective efforts.”
Christian Frahm, CEO of United Fintech, adds: “Our vision of a neutral industry platform for digital transformation, to swiftly enable access to the world’s most innovative fintechs, is shared by every C-level executive we’ve spoken with for the past four years. Their support energises our pursuit of a unified ecosystem.”
